Dimon’s testimony, yesterday before the House Financial Services Committee and last week before the Senate Banking Committee, elicited little interest in private equity. Instead, the focus was on credit default swaps, portfolio hedging and JPMorgan’s failed trading strategy. David Fann, president and CEO of TorreyCove Capital Partners, a PE advisory firm, says he was worried when the JPMorgan trading losses came to light that regulators could tighten Volcker and stop IBs from participating in all risky asset classes, including private equity, he says.

Those fears appear to be unfounded. “As of today, based on what we know and what’s been discussed, PE has not been the target of any additional changes,” Fann says.

The hearings may be over but regulators are still considering revisions to the Volcker Rule. Banks, under the rule, can take no more than a 3% stake in sponsored funds. They also may invest no more than 3% of their total regulatory capital, or Tier 1 capital, in PE or hedge funds, according to Law360. Some bank LPs are holding off investing in U.S. funds to see how the rule shakes out, one placement agent tells peHUB.

The law was supposed to take effect in July. However, regulators in April extended the deadline for banks to comply with the rule until 2014.

One PE exec says JPMorgan’s $2 billion losses will have little impact on private equity. “Before Dodd-Frank there was enough regulation [of banks],” the exec says. “It just wasn’t enforced. I’m not sure how much more you can regulate things.”